New CARFAX Vehicle Build Score Revolutionizes Auto Insurance Risk Assessment
CARFAX and Pinnacle Actuarial Resources have jointly developed the innovative CARFAX Vehicle Build Score, designed to revolutionize auto insurance risk assessment by replacing traditional vehicle symbols. This new scoring system utilizes the complete 17-digit VIN to provide insurers with precise vehicle valuation and specific attribute insights.
The score incorporates a proprietary vehicle valuation model that prevents pricing inaccuracies by delivering current market values. Using advanced modeling techniques, CARFAX analyzes vehicle loss experience at the component level, eliminating the need for yearly symbol updates.
Drawing from CARFAX's database of over 36 billion records, the Vehicle Build Score provides detailed insights into factory and post-factory installed features. It's designed for both personal and commercial auto insurance markets, offering VIN-level details that integrate easily into existing rating models. The score is currently being filed and approved by state regulators across the United States.
CARFAX e Pinnacle Actuarial Resources hanno sviluppato congiuntamente l'innovativo CARFAX Vehicle Build Score, progettato per rivoluzionare la valutazione del rischio assicurativo automobilistico sostituendo i tradizionali simboli dei veicoli. Questo nuovo sistema di punteggio utilizza il completo VIN a 17 cifre per fornire agli assicuratori una valutazione precisa del veicolo e informazioni specifiche sugli attributi.
Il punteggio incorpora un modello di valutazione dei veicoli proprietario che previene imprecisioni nei prezzi fornendo valori di mercato attuali. Utilizzando tecniche di modellazione avanzate, CARFAX analizza l'esperienza di perdita dei veicoli a livello di componente, eliminando la necessità di aggiornamenti annuali dei simboli.
Attingendo al database di CARFAX, che contiene oltre 36 miliardi di record, il Vehicle Build Score fornisce approfondimenti dettagliati sulle caratteristiche installate in fabbrica e post-fabbricazione. È progettato per i mercati assicurativi automobilistici sia personali che commerciali, offrendo dettagli a livello di VIN che si integrano facilmente nei modelli di rating esistenti. Il punteggio è attualmente in fase di presentazione e approvazione da parte dei regolatori statali in tutti gli Stati Uniti.
CARFAX y Pinnacle Actuarial Resources han desarrollado conjuntamente el innovador CARFAX Vehicle Build Score, diseñado para revolucionar la evaluación del riesgo de seguros de automóviles al reemplazar los símbolos tradicionales de vehículos. Este nuevo sistema de puntuación utiliza el VIN completo de 17 dígitos para proporcionar a las aseguradoras una valoración precisa del vehículo y conocimientos específicos sobre sus atributos.
La puntuación incorpora un modelo de valoración de vehículos propietario que previene inexactitudes en los precios al ofrecer valores de mercado actuales. Utilizando técnicas de modelado avanzadas, CARFAX analiza la experiencia de pérdida de vehículos a nivel de componente, eliminando la necesidad de actualizaciones anuales de símbolos.
Basándose en la base de datos de CARFAX, que contiene más de 36 mil millones de registros, el Vehicle Build Score proporciona información detallada sobre las características instaladas de fábrica y post-fábrica. Está diseñado para los mercados de seguros de automóviles tanto personales como comerciales, ofreciendo detalles a nivel de VIN que se integran fácilmente en los modelos de calificación existentes. La puntuación está actualmente en proceso de presentación y aprobación por parte de los reguladores estatales en todo Estados Unidos.
CARFAX와 Pinnacle Actuarial Resources는 전통적인 차량 기호를 대체하여 자동차 보험 위험 평가를 혁신하기 위해 혁신적인 CARFAX Vehicle Build Score를 공동 개발했습니다. 이 새로운 점수 시스템은 17자리 VIN을 완전히 활용하여 보험사에 정확한 차량 평가 및 특정 속성 통찰력을 제공합니다.
이 점수는 현재 시장 가치를 제공하여 가격 부정확성을 방지하는 독점 차량 평가 모델을 포함합니다. CARFAX는 고급 모델링 기술을 사용하여 구성 요소 수준에서 차량 손실 경험을 분석하여 연간 기호 업데이트의 필요성을 없앱니다.
360억 개 이상의 기록을 보유한 CARFAX의 데이터베이스를 바탕으로 Vehicle Build Score는 공장 및 공장 후 설치된 기능에 대한 자세한 통찰력을 제공합니다. 이는 개인 및 상업용 자동차 보험 시장 모두를 위해 설계되었으며, 기존의 평가 모델에 쉽게 통합될 수 있는 VIN 수준의 세부 정보를 제공합니다. 이 점수는 현재 미국 전역의 주 규제 기관에 제출 및 승인되고 있습니다.
CARFAX et Pinnacle Actuarial Resources ont conjointement développé l'innovant CARFAX Vehicle Build Score, conçu pour révolutionner l'évaluation des risques d'assurance automobile en remplaçant les symboles de véhicule traditionnels. Ce nouveau système de notation utilise le VIN complet à 17 chiffres pour fournir aux assureurs une évaluation précise du véhicule et des informations spécifiques sur ses attributs.
Le score intègre un modèle d'évaluation des véhicules propriétaire qui empêche les inexactitudes de tarification en fournissant des valeurs de marché actuelles. En utilisant des techniques de modélisation avancées, CARFAX analyse l'expérience de perte des véhicules au niveau des composants, éliminant ainsi le besoin de mises à jour annuelles des symboles.
S'appuyant sur la base de données de CARFAX, qui contient plus de 36 milliards d'enregistrements, le Vehicle Build Score fournit des informations détaillées sur les caractéristiques installées en usine et après-vente. Il est conçu pour les marchés de l'assurance automobile personnelle et commerciale, offrant des détails au niveau du VIN qui s'intègrent facilement dans les modèles de tarification existants. Le score est actuellement en cours de dépôt et d'approbation par les régulateurs d'État à travers les États-Unis.
CARFAX und Pinnacle Actuarial Resources haben gemeinsam das innovative CARFAX Vehicle Build Score entwickelt, das darauf abzielt, die Risikobewertung von Kfz-Versicherungen zu revolutionieren, indem traditionelle Fahrzeugsymbole ersetzt werden. Dieses neue Bewertungssystem nutzt die vollständige 17-stellige VIN, um Versicherern eine präzise Fahrzeugbewertung und spezifische Attributinformationen zu bieten.
Der Score umfasst ein proprietäres Fahrzeugbewertungsmodell, das Preisungenauigkeiten verhindert, indem es aktuelle Marktwerte liefert. Mit fortschrittlichen Modellierungstechniken analysiert CARFAX die Verlust Erfahrungen von Fahrzeugen auf Komponentenebene, wodurch die Notwendigkeit jährlicher Symbolaktualisierungen entfällt.
Auf der Grundlage der CARFAX-Datenbank mit über 36 Milliarden Datensätzen bietet der Vehicle Build Score detaillierte Einblicke in werkseitig und nachträglich installierte Funktionen. Es ist sowohl für den persönlichen als auch für den gewerblichen Kfz-Versicherungsmarkt konzipiert und bietet VIN-Ebene Details, die sich leicht in bestehende Bewertungsmodelle integrieren lassen. Der Score wird derzeit bei den staatlichen Regulierungsbehörden in den gesamten Vereinigten Staaten eingereicht und genehmigt.
- New Vehicle Build Score provides precise vehicle valuation based on full 17-digit VIN
- Leverages database of over 36 billion records for detailed risk assessment
- Eliminates need for yearly updates to insurance symbols
- Prevents both over and underpricing of insurance policies
- Currently being filed and approved by state regulators across the US
- Requires integration into existing insurance rating systems
- Still pending regulatory approval in many states
The CARFAX Vehicle Build Score incorporates a proprietary vehicle valuation model that prevents both over and underpricing by providing precise current market values. CARFAX uses advanced modeling techniques to analyze a vehicle's loss experience at the component level, eliminating the need for yearly updates and adjustments to existing symbols.
"The existing practice of utilizing symbols does not reflect an understanding of a specific vehicle's bumper to bumper configuration" said Don Hendriks, Director of Insurance Analytics at CARFAX. "The CARFAX Vehicle Build Score leverages CARFAX's database of more than 36 billion records to provide insights into a specific vehicle's factory and post-factory installed features, helping insurers better understand risk and price policies appropriately. "
"For insurers, the Vehicle Build Score is an evolution towards a more advanced and refined approach to symbols and the rating process," Pinnacle Managing Principal Roosevelt Mosley said. "Our partnership with CARFAX allows us to translate detailed vehicle data into actionable risk assessments via a simple score, giving insurers a critical edge in underwriting and pricing."
The CARFAX Vehicle Build Score is designed for both personal and commercial auto insurance markets, offering unmatched details at the VIN level. The score easily integrates into your rating model and is currently being filed and approved by state regulators across
For more information about the CARFAX Vehicle Build Score, visit CarfaxForInsurers.com.
About CARFAX
CARFAX, part of S&P Global Mobility, helps millions of people every day confidently shop, buy, service and sell used cars with innovative solutions powered by CARFAX® vehicle history information. The expert in vehicle history since 1984, CARFAX provides CARFAX Car Listings, CARFAX Car Care, CARFAX History-Based Value and the flagship CARFAX Vehicle History Report to consumers and the automotive industry. CARFAX owns the world's largest vehicle history database and is nationally recognized as a top workplace by The Washington Post. Shop, Buy, Service, Sell – Show me the CARFAX®.
S&P Global Mobility is a division of S&P Global (NYSE: SPGI). S&P Global is the world's foremost provider of credit ratings, benchmarks, analytics and workflow solutions in the global capital, commodity and automotive markets.
About Pinnacle
Pinnacle is an independent, full-service actuarial firm focused on the property/casualty insurance industry. With a home office in
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SOURCE CARFAX
FAQ
What is the CARFAX Vehicle Build Score and how does it work?
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